Vacation Loans for April 2024

Get a vacation loan at one of the lenders verified by our specialists. On 12.04.2024 there are 3 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 3
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Mr. Payday
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Recommended FinScore™
up to $10.000
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Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product

up to 46.96%

Loan term for the financial product

up to 60 months
Coast Capital Savings
Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product


Loan term for the financial product

60 months
Royal Bank of Canada
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Royal Bank of Canada
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Royal Bank of Canada
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.
Royal Bank of Canada
Great service and quick processing of my loan request.
Royal Bank of Canada
I found the process of getting a loan with RBC to be quite slow and confusing.
Royal Bank of Canada
RBC provided me with a loan at a very low interest rate, helping me save on loan payments.

What is a Vacation Loan?

A vacation loan is a financial product designed to provide individuals with the necessary funds to cover the expenses associated with travel and leisure activities. This type of loan can be obtained from various sources, including traditional banks, credit unions, and online lenders. Typically categorized as unsecured personal loans, vacation loans offer borrowers a lump sum amount upfront, allowing them to pay for plane tickets, accommodation, activities, and other travel-related costs. Borrowers then repay the loan amount, along with accrued interest, through fixed monthly installments over a predetermined loan term.

One of the key advantages of vacation loans is the flexibility they offer in financing dream getaways without requiring collateral. Borrowers can choose from different lenders, compare interest rates, and select a loan term that aligns with their financial preferences. Additionally, the option to obtain a vacation loan from online lenders or credit unions enhances accessibility, providing individuals with diverse financial backgrounds the opportunity to embark on their desired journeys.


  1. Unsecured Nature. Vacation loans are typically unsecured personal loans, meaning borrowers do not need to provide collateral, such as property or assets, to secure the loan.

  2. Lump Sum Amount. Borrowers receive a one-time lump sum amount upfront, enabling them to cover various vacation expenses like flights, accommodations, and activities.

  3. Flexible Loan Terms. Borrowers can choose from various loan terms, allowing them to tailor the repayment period to their financial preferences and capabilities.

  4. Accessible Online. Many lenders, including online platforms and bank or credit union options, offer travel loan options, providing borrowers with convenient access to financing options.

  5. Transparent Fees. Reputable lenders provide transparent information about fees associated with vacation loans, including any origination fees or prepayment penalties.

  6. Option for Early Repayment. Borrowers often have the flexibility to pay off the loan earlier than the agreed-upon term, potentially saving on interest costs.

Pros and Cons


Immediate Access to Funds. Vacation loans provide borrowers with quick access to the funds they need, allowing them to seize travel opportunities or plan their dream vacations without significant delays.

Flexible Use of Funds. Borrowers have the flexibility to use the loan amount for various travel expenses, including flights, accommodations, activities, and other related costs, without stringent restrictions.

Fixed Interest Rates. Many vacation loans come with fixed interest rates, offering predictability in monthly payments and shielding borrowers from fluctuations in interest rates.


Interest Costs. While fixed interest rates provide predictability, the overall interest costs can be relatively high, especially for borrowers with lower credit scores.

Origination Fees. Some lenders may charge origination fees, impacting the total cost of the loan. Borrowers should be aware of any additional fees associated with the loan.

Impact on Credit Score. While timely repayment can enhance credit scores, failure to meet repayment obligations can negatively impact credit scores and overall financial health.

How to Get a Vacation Loan

Apply for a Loan

  1. Assess Your Finances. Before applying for a vacation loan, evaluate your financial situation. Determine how much you need for your trip and ensure that you can comfortably afford the monthly repayments.

  2. Check Your Credit Score. Lenders often consider credit scores when offering loan terms. Obtain a copy of your credit report, review your score, and take steps to improve it if necessary.

  3. Research Lenders. Compare vacation loans offered by different lenders, including traditional banks, credit unions, and online lenders. Compare interest rates, loan terms, and any associated fees to find the most suitable option for your needs.

  4. Prequalify or Get Loan Quotes. Some lenders offer prequalification processes or loan quotes that provide estimates without impacting your credit score. This allows you to gauge potential loan terms before committing to a formal application.

  5. Gather Necessary Documentation. Prepare the required documentation, which may include proof of income, employment information, and personal identification. Having these documents ready can expedite the application process.

  6. Apply for the Loan. Submit your loan application to the chosen lender. This may involve completing an online application form or visiting a physical branch, depending on the lender's procedures.

  7. Review Loan Offers. Once your application is processed, review the loan offers provided by the lender. Pay attention to interest rates, loan amounts, and repayment terms to make an informed decision.

  8. Accept the Loan Terms. If satisfied with the loan terms, accept the offer and proceed with the lender's requirements for finalizing the loan agreement.

  9. Receive Funds. Upon acceptance, the lender will disburse the approved loan amount. This is usually done through direct deposit into your bank account.


  1. Good Credit Score. Many lenders prefer borrowers with a good or excellent credit score. A higher credit score increases the likelihood of approval and may result in more favorable loan terms.

  2. Stable Income. Lenders often require proof of a stable income to ensure that borrowers have the financial capacity to repay the loan. Employment verification or proof of income sources may be necessary.

  3. Low Debt-to-Income Ratio. A lower debt-to-income ratio demonstrates that a borrower has sufficient income to cover existing debts and new loan repayments. Lenders may assess this ratio during the application process.

  4. Valid Identification. Borrowers need to provide valid identification, such as a driver's license or passport, to verify their identity.

  5. Age and Citizenship. Borrowers typically need to be of legal age and citizens or permanent residents of the country where they are applying for the loan.

  6. Bank Account. A valid bank account may be required for the disbursement of loan funds and automatic withdrawal of monthly payments.


  1. Interest Rates. Lenders specify the interest rates associated with the vacation loan. Rates can be fixed or variable, and they depend on factors such as the borrower's credit score and the lender's policies.

  2. Loan Amount. The maximum loan amount a borrower can qualify for varies among lenders. It is influenced by the borrower's financial profile, creditworthiness, and the lender's own criteria.

  3. Loan Term. Lenders provide a specific loan term, indicating the duration over which the borrower is expected to repay the loan. Common terms range from a few months to several years.

  4. Repayment Schedule. Lenders outline the repayment schedule, specifying the frequency and amount of each installment. Payments are often made monthly, and fixed monthly installments contribute to predictable budgeting.

  5. Fees and Charges. Lenders may impose fees such as origination fees, late payment fees, or prepayment penalties. Borrowers should be aware of these fees and factor them into their cost considerations.

  6. Prepayment Options. Some lenders allow borrowers to make early repayments without penalties. Understanding the prepayment options can be advantageous for borrowers aiming to reduce overall interest costs.

  7. Conditions for Approval. Lenders may outline specific conditions that must be met for loan approval, such as providing additional documentation or meeting income verification requirements.

  8. Late Payment Policies. Lenders specify their policies regarding late payments, including any applicable late fees. Borrowers should be familiar with these policies to avoid additional charges.

Best Places to Get a Vacation Loan

  1. Fairstone offers travel and vacation loans ranging from $500 to $50,000, providing individuals with the financial means to cover various vacation expenses while ensuring affordability. With the flexibility to manage travel costs through budget-friendly loan payments, Fairstone caters to those looking to reunite with family, plan the perfect vacation, or explore new destinations. The vacation loans accommodate diverse trip types, offering a comprehensive solution for individuals seeking financial support for their travel plans.

  2. As a bad credit lender, BHM Financial specializes in providing secured Vacation Loans with guaranteed approval to Canadians facing challenges during the vacation season. Understanding the diverse credit profiles of applicants, BHM Financial offers loans of up to $25,000, irrespective of credit history. These secured travel loans empower individuals to finance dream trips, whether it's a quick weekend getaway, a honeymoon, or an extended holiday vacation, eliminating worries associated with credit constraints.

  3. Symple Loans facilitates travel financing by offering funds that can be used for various holiday-related expenses, including airfares, accommodations, car rentals, guided tours, and more. Catering to both short weekend getaways and meticulously planned week-long adventures, Symple Loans provides travel loans ranging from $5,000 to $50,000 with flexible terms spanning 1 to 7 years. With Symple Loans, individuals can address their travel financing needs, ensuring the financial support required for a memorable and stress-free vacation experience.

  4. Cashco Financial introduces its holiday loans, known as Best Flex Vacation Loans, allowing borrowers to access funds of up to $7,000 for a duration of 60 months. These loans offer the flexibility to capitalize on exclusive last-minute travel deals, enabling individuals to seize opportunities presented by various travel websites and Facebook groups. Cashco Financial emphasizes convenience by providing the option to acquire vacation loans online, streamlining the process and making it easier for borrowers to secure funds swiftly for their upcoming vacations.

Things to Pay Attention to

  1. Fees and Charges. Be aware of any fees associated with the loan, such as origination fees, late payment fees, or prepayment penalties. Factor these fees into your cost analysis to determine the true expense of the loan.

  2. Repayment Flexibility. Check whether the lender offers flexibility in repayment. Some lenders allow early repayments without penalties, providing an opportunity to pay interest in lesser amounts.

  3. Credit Score Impact. Understand how applying for a vacation loan may impact your credit score. While a single inquiry may have a minimal effect, multiple inquiries within a short period can affect your creditworthiness.

  4. Secured vs. Unsecured Loans. Determine whether the loan is secured or unsecured. Secured loans may require collateral, such as your home or assets, and carry the risk of repossession if payments are not made. Unsecured loans typically have higher interest rates but don't involve collateral.

  5. Monthly Payments. Calculate the monthly payments and ensure they fit comfortably within your budget. Avoid committing to payments that strain your finances, leading to potential difficulties in repayment.

  6. Prepayment Options. Check if the lender allows for early repayments without imposing prepayment penalties. Having the flexibility to pay off the loan ahead of schedule can save money on interest.

  7. Hidden Fees. Scrutinize the loan agreement for any hidden fees or undisclosed charges. Clarify with the lender if there's anything in the terms that is unclear or seems ambiguous.

How to Repay a Vacation Loan

  1. Review Loan Agreement. Carefully review the terms and conditions of your vacation loan agreement. Understand the repayment schedule, interest rates, and any applicable fees.

  2. Set Up Automatic Payments. Consider setting up automatic payments with your bank or the lending institution. Automatic payments help ensure that you never miss a payment, avoiding late fees and potential damage to your credit score.

  3. Early Repayment. If possible, consider making early repayments. Some lenders allow borrowers to pay off the loan before the scheduled end date without imposing prepayment penalties. This can save you money on interest.

  4. Additional Payments. If your financial situation allows, consider making additional payments beyond the required monthly installment. This can help you pay off the loan faster and reduce overall interest costs.

  5. Communicate with Lender. In case of financial challenges or unexpected hardships, communicate with your lender as soon as possible. Some lenders offer hardship programs or may work with you to find a temporary solution.

  6. Avoid Missed Payments. Missing loan payments can result in late fees, increased interest charges, and negatively impact your credit score. Aim to make all payments on time to maintain a positive credit history.

  7. Regularly Check Loan Status. Periodically check the remaining balance on your loan and the progress of your payments. This helps you stay informed about your financial obligations.

  8. Complete Repayment. Follow the repayment plan until the loan is fully paid off. Once the final payment is made, confirm with the lender that the loan has been closed, and there are no outstanding obligations.

Reasons for Getting Rejected for a Vacation Loan

  1. Low Credit Score. A low credit score is a significant factor that lenders consider. If your credit score is below the lender's threshold, it may result in a loan rejection. Lenders use credit scores to assess the risk of lending money, and a higher score is generally associated with lower risk.

  2. Insufficient Income. Lenders often evaluate an applicant's income to ensure they have the financial capacity to repay the loan. If your income is deemed insufficient to cover the loan payments, it can lead to rejection. Lenders may have specific income requirements based on the loan amount.

  3. High Debt-to-Income Ratio. A high debt-to-income ratio, which is the proportion of your monthly income dedicated to debt payments, can be a red flag for lenders. If your existing debts are too high in relation to your income, it may signal potential difficulty in managing additional debt.

  4. Unstable Employment. Lenders prefer borrowers with stable employment histories. If you have a history of frequent job changes or periods of unemployment, it may raise concerns about your ability to make consistent loan payments.

  5. Limited Credit History. A limited credit history, especially for individuals with no previous borrowing experience, can be a hurdle. Lenders rely on credit history to assess creditworthiness, and a lack of credit history may result in a rejection.

  6. Recent Late Payments or Defaults. Recent late payments on existing debts or a history of defaults on loans can negatively impact your credit profile. Lenders may view these instances as indicators of financial instability and may reject your loan application.

  7. Multiple Recent Credit Inquiries. A high number of recent credit inquiries can be interpreted as a sign of financial distress or desperation for credit. Lenders may be cautious if they see multiple inquiries within a short period.


  1. Travel rewards credit cards. Travel rewards credit cards offer points or miles for every purchase, including travel expenses. Accumulated points can be redeemed for flights, hotel stays, or other travel-related costs. Responsible use of these credit cards can result in significant savings on travel expenses.

  2. Peer-to-peer lending. Peer-to-peer lending platforms connect borrowers with individual lenders willing to fund loans. These platforms may offer competitive interest rates, and the application process is often streamlined. Borrowers can present their loan requests to a community of individual lenders who may fund all or part of the requested amount.

  3. Personal line of credit. A personal line of credit provides a flexible borrowing option where individuals can access funds up to a predetermined credit limit. Interest is only charged on the amount borrowed, and borrowers can repay and reuse the funds as needed. It offers greater flexibility compared to a fixed-term loan.

Editorial Opinion

Vacation loans can be a viable financial tool for individuals seeking to fulfill their travel aspirations, providing access to funds for those who may not have immediate savings. While they offer the convenience of spreading out the cost of a vacation over time, potential borrowers should exercise caution and carefully consider the associated interest rates and terms. It's essential to evaluate personal financial situations and explore alternative options, such as using existing savings or travel-focused credit cards, before opting for a personal vacation loan.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.


What is the difference between a personal loan and a holiday loan?

A personal loan and a holiday loan are essentially similar, as a holiday loan is a type of personal loan designed specifically for financing vacations.

The key distinction lies in marketing and branding. While personal loans can be used for various purposes, including vacations, holiday loans are often marketed with specific terms and features catering to travel expenses. Both typically involve borrowing a lump sum and repaying it over time with interest.

Individuals should compare interest rates, terms, and fees to determine the most cost-effective financing option for their vacation.

How can I get money to pay for vacation?

There are several ways to get money to pay for a vacation. One common method is to save in advance by creating a dedicated savings fund for travel expenses.

Alternatively, individuals can consider using a personal loan, credit cards with travel rewards, or tapping into existing savings or emergency funds. Some travel agencies and websites also offer financing options, allowing individuals to book a vacation and make fixed monthly payments.

Do airlines offer financing?

Certain airlines do offer financing options to help customers spread the cost of flights over time.

This may include partnerships with third-party financing providers or the airline itself providing installment plans. However, the availability of financing options can vary among airlines, and individuals should inquire directly with the airline or check their website for information on installment plans or financing programs.

Loan Terms